高通 (QCOM) 2016 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm second-quarter FY16 earnings conference call.

女士們、先生們，感謝你們的耐心等待。歡迎參加高通公司2016財年第二季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded April 20, 2016. The playback number for today's call is 855-859-2056. International callers please dial 404-537-3406. The playback reservation number is 82473415.

提醒各位，本次會議將於2016年4月20日進行錄製。今天電話會議的回放號碼是 855-859-2056。國際來電者請撥 404-537-3406。播放預約號碼為 82473415。

I would now like to turn the call over to Warren Kneeshaw, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係副總裁華倫‧尼肖。請繼續。

Thank you and good afternoon. Today's call will include prepared remarks by Steve Mollenkopf, Derek Aberle, and George Davis. In addition, Cristiano Amon and Don Rosenberg will join the question and answer session.

謝謝，下午好。今天的電話會議將包括史蒂夫·莫倫科普夫、德里克·阿伯勒和喬治·戴維斯的準備好的演講。此外，克里斯蒂亞諾·阿蒙和唐·羅森伯格也將參加問答環節。

You can access our earnings release and an executive presentation that accompany this call on our Investor Relations website. This call is also being webcast on www.Qualcomm.com, and a replay will be available on the website later today.

您可以造訪我們的投資者關係網站，查看我們的獲利報告和本次電話會議的簡報。本次電話會議也在www.Qualcomm.com網站上進行網路直播，稍後將在網站上提供回放。

During this conference call, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website.

在本次電話會議中，我們將使用 G 條例定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的調整表。

As well, we will make forward-looking statements regarding future events or the future business or results of the Company. Actual events or results could differ materially from those projected in the forward-looking statements. Please refer to our SEC filings, including our most recent 10-Q, which contain important factors that could cause actual results to differ materially from the forward-looking statements. And now to comments from Qualcomm's Chief Executive Officer, Steve Mollenkopf.

此外，我們也會就未來事件或公司的未來業務或業績發表前瞻性聲明。實際事件或結果可能與前瞻性聲明中預測的內容有重大差異。請查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-Q 表格，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。接下來請高通執行長史蒂夫·莫倫科夫發表演說。

Thank you, Warren and good afternoon, everyone. We delivered a stronger than expected quarter as we continued to execute on our strategies to position the Company for the next phase of profitable growth. Non-GAAP earnings per share were above the high end of our guidance range, driven by strength in both QTL and QCT.

謝謝你，沃倫，大家下午好。我們本季業績超出預期，因為我們持續執行各項策略，為公司下一階段的獲利成長做好準備。非GAAP每股盈餘高於我們預期範圍的上限，這主要得益於QTL和QCT的強勁表現。

QTL revenues reflect seasonably strong December quarter activity, and we are pleased with the progress we are making in China. We signed several new China licenses in the first few months with more than 100 companies now having accepted the NDRC terms.

QTL 的營收反映了 12 月季度的強勁成長勢頭，我們對在中國取得的進展感到滿意。頭幾個月，我們簽署了多份新的中國許可證，目前已有 100 多家公司接受了國家發展委員會的條款。

We remain in active discussions with the few key Chinese OEMs that have not yet signed and believe we are making progress in those discussions. We are also pleased to have recently resolved our licensing dispute with LG.

我們仍在與少數尚未簽約的中國主要汽車製造商積極磋商，並相信我們在磋商中正在取得進展。我們也很高興最近解決了與LG的授權糾紛。

In QCT, our chip set shipments were above the mid point of our prior guidance range, driven by strong demand from Chinese OEMs, and we had favorable product costs. During the quarter, we returned approximately $2.3 billion to stockholders through dividends and stock repurchases.

在QCT，由於中國OEM廠商的強勁需求，我們的晶片組出貨量高於先前預期範圍的中點，而且我們的產品成本也較為有利。本季度，我們透過分紅和股票回購向股東返還了約 23 億美元。

We also announced a 10% increase in our quarterly cash dividend, reflecting our confidence in the strength of our ongoing cash flows and future earnings growth. We remain focused on improving our financial trajectory exiting the fiscal year, and we are on track in this regard.

我們也宣布將季度現金股利提高 10%，這反映了我們對持續強勁的現金流和未來獲利成長的信心。我們將繼續專注於改善本財年的財務狀況，目前我們正朝著這個目標穩步前進。

In QCT, we have updated our road map across tiers, and our new products have been very well received. The flagship Snapdragon 820 is now available in leading devices such as the Samsung Galaxy S7, the LG G5, and the Xiaomi Mi5 along with devices from Sony, HTC, HP and others. We now have over 115 Snapdragon 820 designs and expect volume to ramp on this platform through the second half of the fiscal year.

在 QCT，我們更新了各個層級的路線圖，我們的新產品受到了非常熱烈的歡迎。旗艦驍龍 820 處理器現已應用於三星 Galaxy S7、LG G5、小米 Mi5 等主流設備，以及索尼、HTC、惠普等品牌的設備。我們現在有超過 115 款驍龍 820 設計，預計本財年下半年該平台的產量將大幅提升。

Our strategy of offering differentiated all-mode modem solutions with carrier aggregation capability is extending our leadership and enabling strong design traction, particularly in China at the mid and high tiers. In China, new use cases for carrier aggregation are providing product differentiators for our customers and enhancing our design traction. We are continuing to pursue additional content opportunities in the smart phone and recently announced a suite of Next Generation Qualcomm RF360 technologies.

我們透過提供具有載波聚合能力的差異化全模式調變解調器解決方案的策略，擴大了我們的領先地位，並實現了強大的設計吸引力，尤其是在中國的中高端市場。在中國，載波聚合的新應用案例為我們的客戶提供了產品差異化優勢，並增強了我們的設計吸引力。我們正在繼續尋求智慧型手機領域的更多內容機會，並且最近發布了一系列下一代高通 RF360 技術。

We are on track to deliver our Next Generation CMOS and gallium arsenide PAs in 2017 and will extend our product offerings including complete RF front-end module solutions once the TDK transaction closes. Further, we are broadening our presence in adjacent opportunities including automotive, networking, mobile compute, and IOT.

我們正按計劃於 2017 年交付下一代 CMOS 和砷化鎵功率放大器，一旦 TDK 交易完成，我們將擴展產品供應，包括完整的射頻前端模組解決方案。此外，我們正在擴大在汽車、網路、行動運算和物聯網等相關領域的業務。

Collectively, the serviceable addressable opportunity for these adjacent areas is expected to grow at a CAGR of 18% over the next five years from $12 billion to $29 billion according to a combination of third-party and internal estimates. And we are well positioned to benefit from this expanding opportunity.

根據第三方和內部估計，未來五年內，這些相鄰地區的服務可及市場機會預計將以 18% 的複合年增長率從 120 億美元增長到 290 億美元。我們已做好充分準備，將從這項不斷擴大的機會中獲益。

We expect these adjacent opportunities to drive approximately $2.5 billion in QCT revenues in FY16. We are seeing significant momentum across these areas.

我們預計這些相鄰的機會將在 2016 財年為 QCT 帶來約 25 億美元的收入。我們看到這些領域都呈現出顯著的發展動能。

In automotive, we have very strong design traction in telematics across Tier 1 manufactures. With the completion of our CSR acquisition, we now have a comprehensive connectivity portfolio including Bluetooth Smart, Wi-Fi, and LTE, which allows us to offer a broader suite of products to our expanded set of customers.

在汽車領域，我們在一級製造商的遠端資訊處理技術方面擁有非常強大的設計優勢。隨著我們對 CSR 的收購完成，我們現在擁有了包括藍牙智慧、Wi-Fi 和 LTE 在內的全面連接產品組合，這使我們能夠為擴大的客戶群提供更廣泛的產品組合。

In networking, we have a strong pipeline of over 240 designs with our 802.11ac solutions across router, home gateway, and set top box implementations. We continued to gain significant traction and win category-defining designs in IOT segments such as wearables, action cameras, security and surveillance cameras, virtual reality headsets, drones, and smart city infrastructure.

在網路領域，我們擁有超過 240 個強大的 802.11ac 解決方案設計方案，涵蓋路由器、家庭閘道器和機上盒等應用。我們在物聯網領域（如穿戴式裝置、運動相機、安防監視攝影機、虛擬實境頭戴式裝置、無人機和智慧城市基礎設施）持續取得顯著進展，並贏得了定義類別的設計。

At MWC, we announced ecosystem expansion for our Next Generation Snapdragon Wear platform, and we are pleased to report that there are now over 100 wearable devices using Qualcomm technology, which includes over 80% of all Android Wear smart watch designs. Looking at the IOT more broadly, there are now over 1 billion IOT devices that have shipped using Qualcomm technology.

在 MWC 上，我們宣布了下一代驍龍 Wear 平台的生態系統擴展，我們很高興地宣布，目前已有超過 100 款可穿戴設備採用高通技術，其中包括超過 80% 的 Android Wear 智慧手錶設計。從更廣泛的角度來看物聯網，目前已有超過 10 億台物聯網設備採用了高通技術。

We continue to forecast QCT operating margins of 16% or better in the fourth fiscal quarter and are targeting 20% plus operating margins longer term. It is important to note that for planning purposes, both our near-term and long-term margin targets have consistently factored in a range of second sourcing assumptions at our large customers, and we believe our margin targets are achievable under those scenarios.

我們繼續預測 QCT 在第四財季的營業利潤率將達到 16% 或更高，並計劃長期實現 20% 以上的營業利潤率。值得注意的是，出於規劃目的，我們的近期和長期利潤目標一直都考慮到了我們大客戶的一系列第二供應商假設，我們相信在這些情況下，我們的利潤目標是可以實現的。

We have strong confidence in our technology leadership, differentiated modem road map and unique global scale. For instance, we recently demonstrated our Snapdragon X16 LTE modem, the first commercially announced gigabit-class LTE chip set designed to deliver fiber-like LTE category 16 download speeds of up to 1 gigabit per second, at least two generations ahead of the competition. This modem also supports licensed assisted access, the global standard for LTE in unlicensed spectrum, becoming the mobile industry's first commercially announced LTE advanced pro modem and marks an important step towards 5G as we enable deeper unlicensed spectrum integration with LTE, and more advanced MIMO techniques to support growing data consumption.

我們對我們的技術領先地位、差異化的現代化路線圖和獨特的全球規模充滿信心。例如，我們最近展示了我們的驍龍 X16 LTE 調變解調器，這是首款商用千兆級 LTE 晶片組，旨在提供高達每秒 1 千兆位元的光纖級 LTE Cat 16 下載速度，比競爭對手領先至少兩代。該調製解調器還支援授權輔助接入，這是 LTE 在非授權頻譜中的全球標準，成為移動行業首款商用 LTE 高級專業調製解調器，標誌著向 5G 邁出了重要一步，因為我們實現了 LTE 與非授權頻譜的更深層次集成，以及更先進的 MIMO 技術來消耗不斷增長的數據。

Further we are leading the world to 5G as we did in both 3G and 4G. To support this, we are designing a new OFDM-based 5G air interface that will not only enhance mobile broadband services, but also enable connectivity and management for the internet-of-things and new types of mission critical services that require lower latency, higher reliability, and robust security. We demonstrated our 5G millimeter wave 28 gigahertz prototype system at Mobile World Congress, showcasing robust and sustained mobile broadband communications at these higher-spectrum bands.

此外，我們將像引領3G和4G時代一樣，引領世界邁向5G時代。為了支援這一目標，我們正在設計一種基於 OFDM 的新型 5G 空中接口，它不僅可以增強行動寬頻服務，還可以為物聯網和需要更低延遲、更高可靠性和強大安全性的新型關鍵任務服務提供連接和管理。我們在世界行動通訊大會上展示了我們的 5G 毫米波 28 吉赫茲原型系統，展示了在這些更高頻譜頻段上實現強大且持續的行動寬頻通訊。

Looking ahead, we continue to execute on our strategic plans to position us well for the future. FY16 is a transition year, and we are making very good progress. We are taking decisive steps to enable us to capitalize on the significant opportunities ahead while delivering improving near-term performance. I would now like to turn the call over to Derek.

展望未來，我們將繼續執行戰略計劃，為未來做好充分準備。2016財年是過渡年，我們取得了非常好的進展。我們正在採取果斷措施，以便能夠抓住未來的重大機遇，同時在短期內提升業績。現在我想把電話交給德瑞克。

Thank you, Steve and good afternoon, everyone. As Steve noted, QTL had a stronger than expected fiscal second quarter with total reported device sales of approximately $70 billion, reflecting the seasonally strong holiday quarter.

謝謝你，史蒂夫，大家下午好。正如史蒂夫所指出的，QTL 的第二財季業績強於預期，報告的設備總銷售額約為 700 億美元，這反映了季節性強勁的假日季業績。

I am pleased to report that we recently resolved our dispute with LG. As a result of the resolution, we will resume recognizing quarterly LG revenues in fiscal Q3, in addition to recording the revenues we deferred from the first two fiscal quarters. As a reminder, LG continued to report and pay during the dispute, so the sales they reported for the first two quarters of FY16 were included in the total reported device sales for those quarters, but we did not recognize revenues for those quarters given that the arbitration was underway.

我很高興地報告，我們最近已與LG解決了糾紛。由於該決議，我們將在第三財季恢復確認 LG 季度收入，同時確認我們在前兩個財季遞延的收入。需要提醒的是，LG 在爭議期間繼續進行報告和付款，因此他們在 2016 財年前兩個季度報告的銷售額已計入這些季度報告的設備總銷售額中，但鑑於仲裁正在進行中，我們沒有確認這些季度的收入。

We are also continuing to make steady progress in China, completing new China license agreements. We recently signed new agreements with Lenovo, EWPE, Yulong, and Hisense and now have more than 100 companies that have accepted the NDRC terms, including the top five worldwide Chinese licensees.

我們在中國也持續取得穩定進展，完成了新的中國許可協議。我們最近與聯想、EWPE、宇龍和海信簽署了新的協議，目前已有 100 多家公司接受了國家發改委的條款，其中包括全球排名前五的中國授權商。

Yulong and Hisense were signed after the close of our second fiscal quarter and will be reflected in our third-quarter results. In addition, we are still actively negotiating with several of the other remaining key Chinese OEMs and are making progress in those discussions.

宇龍和海信是在我們第二財季結束後簽約的，並將反映在我們第三財季的業績中。此外，我們仍在積極與其餘幾家主要的中國汽車製造商進行談判，並且在這些談判中取得了進展。

As we explained at our Analyst day in February, we are also working hard on a number of fronts to improve compliance with our licensees in China. We have begun implementing those plans and expect them to deliver meaningful improvements over time. The percentage of global units not reported to us during the second fiscal quarter increased modestly quarter over quarter, driven primarily by share gains from OEMs that have been withholding royalties during license negotiations.

正如我們在二月的分析師日上所解釋的那樣，我們也在多個方面努力提高我們在中國被授權人的合規性。我們已經開始實施這些計劃，並期望隨著時間的推移，這些計劃能夠帶來顯著的改進。第二財季未向我們報告的全球銷售百分比較上季略有上升，這主要是由於 OEM 廠商在授權談判期間扣留特許權使用費，導致市場佔有率增加。

Looking ahead, we continue to see growth in global 3G/4G device shipments. LTE penetration is only approximately 16% of cellular connections globally, and cumulative smart phone unit shipments are forecast to be more than 8.7 billion from 2016 through 2020 according to GSM Intelligence and Gartner.

展望未來，我們預計全球 3G/4G 設備出貨量將持續成長。LTE 在全球蜂巢式連線中的滲透率僅約為 16%，根據 GSM Intelligence 和 Gartner 的預測，從 2016 年到 2020 年，智慧型手機累積出貨量預計將超過 87 億部。

For calendar year 2015, we now estimate global 3G/4G device shipments were approximately 1.55 billion units, slightly below the mid point of our prior range and up approximately 13% year over year. We saw strong growth in emerging regions, particularly in China, and expect this trend to continue in calendar 2016.

我們現在估計，2015 年全球 3G/4G 設備出貨量約為 15.5 億台，略低於我們先前預測範圍的中點，年增約 13%。我們看到新興地區，特別是中國，實現了強勁成長，預計這一趨勢將在 2016 年繼續。

We are adjusting our estimate of calendar 2016 global 3G/4G device shipments to 1.625 to 1.725 billion devices, with year-over-year unit growth of approximately 8% at the mid point, down from our previous mid point estimate of approximately 10% growth. The strong 4G ramp in China continues as each of the operators pursues aggressive subscriber growth targets with their 4G plus service offerings, and design momentum is moving rapidly towards all-mode devices across China.

我們將 2016 年全球 3G/4G 設備出貨量的預估值調整為 16.25 億至 17.25 億台，其中年成長率約為 8%，低於我們先前預估的約 10% 的成長率。中國4G市場持續強勁成長，各業者都在積極追求4G+服務的用戶成長目標，而全模設備的設計趨勢也正在快速發展。

The strength in China, however is being offset by a reduction in growth rates in other emerging regions, which we believe is attributable to macroeconomic headwinds. In addition, our forecast for premium tier device shipments is down slightly versus our prior view, driven by slower than expected upgrades within one of the premium tier ecosystems.

然而，中國經濟的強勁成長被其他新興地區成長率的下降所抵消，我們認為這是宏觀經濟逆風造成的。此外，由於高階設備生態系統之一的升級速度低於預期，我們對高階設備出貨量的預測略低於先前的預期。

Global 3G/4G handset ASPs are tracking slightly better than our prior expectations of an approximately 6% year-over-year decline for the fiscal year, driven primarily by stronger premium tier ASPs. We continue to expect low single-digit growth in global 3G/4G device sales in FY16 as unit growth is expected to more than offset ASP declines. Despite adjustments to near-term shipment estimates, we believe the long-term growth drivers for 3G/4G device sales remain intact and provide a solid foundation for the licensing business to deliver greater than $10 billion in revenue in our FY20.

全球 3G/4G 手機平均售價略優於我們先前對本財年同比下降約 6% 的預期，這主要得益於高階機型平均售價的走強。我們繼續預期 2016 財年全球 3G/4G 設備銷售量將維持個位數低成長，因為銷售成長預計將超過平均售價的下降幅度。儘管對近期出貨量預測進行了調整，但我們相信 3G/4G 設備銷售的長期成長動力依然強勁，為授權業務在 2020 財年實現超過 100 億美元的收入奠定了堅實的基礎。

Turning to our QTL revenue outlook for FY16, despite weaker than expected unit shipments for the fiscal year, we continue to expect QTL revenues to be in the range of $7.3 billion to $8 billion. Given the weaker than expected 3G/4G device demand, we will need to make some additional progress on signing the remaining license agreements in China in order to be within that range, but continue to feel that is achievable.

展望 2016 財年 QTL 的營收前景，儘管該財年的出貨量低於預期，但我們仍預期 QTL 的營收將在 73 億美元至 80 億美元之間。鑑於 3G/4G 設備需求低於預期，我們需要在中國簽署剩餘的授權協議方面取得一些額外進展，才能達到預期目標，但我們仍然認為這是可以實現的。

As we said at our Analyst Day, although there will be quarterly fluctuations in the externally implied royalty rate that you calculate, based on the information we provide, we estimate a normalized rate for FY16 will be approximately 2.9%. This is based on adjusting for one-time items and other anomalies such as a difference in timing between when revenues for catch-up payments are recognized and when the related TRDS may be reported.

正如我們在分析師日上所說，雖然您計算出的外部隱含特許權使用費率會有季度波動，但根據我們提供的信息，我們估計 2016 財年的正常化費率約為 2.9%。這是根據一次性項目和其他異常情況（例如確認補繳款項收入的時間與報告相關 TRDS 的時間之間的差異）進行調整得出的。

In conclusion, we continue to make good progress in China and are pleased to have resolved the LG dispute. We are keenly focused on concluding the right long-term agreements with the remaining China licensees as well as improving compliance and expect continued progress throughout the rest of the fiscal year. That concludes my comments, and I will now turn the call over to George.

總之，我們在中國的業務持續取得良好進展，我們很高興解決了與LG的爭議。我們正全力以赴與剩餘的中國被授權人達成合適的長期協議，並提高合規性，預計在本財年剩餘時間內將繼續取得進展。我的發言到此結束，現在我將把電話交給喬治。

Thank you, Derek and good afternoon, everyone. Fiscal second-quarter non-GAAP revenues were $5.5 billion, and non-GAAP earnings per share were $1.04, up 7% sequentially and above the high end of our prior guidance range.

謝謝你，德里克，大家下午好。財年第二季非GAAP營收為55億美元，非GAAP每股盈餘為1.04美元，季增7%，高於我們先前預期範圍的上限。

In QCT, MSM shipments were 189 million, 2% above the mid point of our prior guidance, reflecting stronger demand in China. QCT revenues were $3.3 billion, with a sequentially higher implied revenue per MSM. QCT operating margin was 5%, toward the high end of our prior expectations.

在QCT，MSM出貨量為1.89億，比我們先前預測的中位數高出2%，反映出中國市場需求強勁。QCT 的營收為 33 億美元，每 MSM 的隱含收入較上季成長。QCT 的營業利潤率為 5%，接近我們先前預期的高端水準。

In QTL, total reported device sales and revenues benefited from strength in both developed and emerging regions during the holiday quarter. As a reminder, we report QTL on a one quarter lag, so these results reflect the strength of fourth calendar quarter holiday demand.

在 QTL 中，假期季度期間，已開發地區和新興地區的強勁表現都促進了報告的設備總銷售額和收入。提醒一下，我們的 QTL 報告落後一個季度，因此這些結果反映了第四個日曆季度假期需求的強勁程度。

QTL results also include a one-time revenue benefit of $266 million resulting from the merger of two infrastructure licensees as we forecasted on last quarter's call. This was partially offset by the end of a multi-year license fee amortization of approximately $100 million per quarter as well as the impact of the LG dispute revenue deferral, which will now be included in our fiscal third-quarter results consistent with the settlement announced today.

QTL 的業績還包括一次性收入收益 2.66 億美元，這是由於兩家基礎設施許可證持有者合併所致，正如我們在上個季度的電話會議上所預測的那樣。部分抵銷因素包括：多年授權費攤銷結束（每季約 1 億美元）以及 LG 糾紛收入遞延的影響，這些影響現在將根據今天宣布的和解協議計入我們第三財季的業績。

Non-GAAP combined R&D and SG&A expenses decreased 1% sequentially, slightly less than our guidance range due to an increase in legal and litigation related expenses. We returned approximately $2.3 billion to stockholders in the quarter, including approximately $700 million of dividends paid and $1.5 billion in stock repurchases at an average price of approximately $49 per share.

非GAAP合併研發和銷售、一般及行政費用較上月下降1%，略低於我們的預期範圍，原因是法律和訴訟相關費用增加。本季我們向股東返還了約 23 億美元，其中包括支付的約 7 億美元股息和以平均每股約 49 美元的價格回購的 15 億美元股票。

We ended the quarter with cash and marketable securities of $30 billion. Our non-GAAP tax rate during the quarter was 18%, consistent with our expected rate for the full year.

本季末，我們持有現金及有價證券300億美元。本季我們的非GAAP稅率為18%，與我們對全年的預期稅率一致。

Now turning to FY16, in QTL, as Derek indicated, we continue to forecast revenues will be between $7.3 billion to $8 billion despite a weaker overall TRDS outlook for the year. In QCT, we continue to see improving demand for premium and high-tier devices in the second half of the fiscal year, offset by reduced demand for thin modem products and low-tier chip sets.

現在來看 2016 財年，正如 Derek 所指出的，儘管全年 TRDS 整體前景疲軟，但我們仍然預測 QTL 的營收將在 73 億美元至 80 億美元之間。在QCT，我們繼續看到本財年下半年對高階和頂級設備的需求不斷改善，但對輕薄調製解調器產品和低端晶片組的需求減少，抵消了這一增長。

We remain on track for operating margin of 16% or better in the fourth fiscal quarter. We also remain on track to meet the $1.4 billion reduction in spending under the strategic realignment plan, and we continue to expect at least $700 million of savings in FY16 relative to the SRP baseline, ahead of our original $600 million target. The summary of the savings program is included in the investor presentation for this call on our website.

我們仍有望在第四財季實現 16% 或更高的營業利潤率。我們仍有望實現策略調整計畫下削減 14 億美元開支的目標，我們繼續預計在 2016 財年相對於 SRP 基準至少節省 7 億美元，高於我們最初設定的 6 億美元目標。儲蓄計劃摘要已包含在我們網站上本次電話會議的投資者簡報中。

We continue to expect FY16 non-GAAP combined R&D and SG&A expenses will be down approximately 2% to 4% year over year, which includes the full-year impact of acquisitions of approximately 5%. Adjusting for M&A, estimated spending in these areas would be down 7% to 9% year over year.

我們繼續預期 2016 財年非 GAAP 合併研發及銷售、管理及行政費用將年減約 2% 至 4%，其中包括收購帶來的全年影響約 5%。剔除併購因素後，這些領域的預期支出將年減 7% 至 9%。

Turning to our fiscal third quarter, we estimate revenues to be in the range of approximately $5.2 billion to $6 billion, up approximately 1% sequentially at the mid point, driven by strong product mix in QCT and the favorable LG dispute resolution in QTL, including catch-up revenues from prior-period activity. We estimate non-GAAP earnings per share in our fiscal third quarter to be approximately $0.90 to $1 per share, down approximately 4% year over year at the mid point. We expect fiscal third-quarter non-GAAP combined R&D and SG&A expenses will be approximately flat sequentially.

展望第三財季，我們預計營收將在 52 億美元至 60 億美元之間，環比增長約 1%（取中間值），這主要得益於 QCT 強勁的產品組合以及 QTL 中 LG 糾紛的有利解決，包括前期業務的追趕性收入。我們預計第三財季非GAAP每股收益約為0.90美元至1美元，以中位數計算，年減約4%。我們預計第三財季非GAAP合併研發銷售、管理及行政費用將與上一財季基本持平。

In QTL, fiscal third-quarter revenues will include recognition of more than $200 million that was deferred in the first fiscal and second quarters related to the LG dispute resolution. Separately, we estimate total reported device sales between $52 billion and $60 billion will be reported by our licensees in the June quarter for shipments they made in the March quarter, down sequentially compared to the seasonally high holiday quarter shipments.

在 QTL，第三財季的營收將包括確認與 LG 爭議解決相關的、在第一財季和第二財季遞延的 2 億美元以上收入。另外，我們預計，我們的授權商在 6 月季度報告的設備總銷售額將在 520 億美元至 600 億美元之間，這是他們在 3 月份季度的出貨量，與季節性高出貨量的假日季度相比有所下降。

We have not included any potential benefit from license agreements under negotiation, consistent with our prior practice. We expect QTL's operating margin percentage to be down sequentially, in line with seasonal trends reflecting the first calendar quarter.

與我們以往的做法一致，我們沒有將正在談判中的授權協議可能帶來的任何潛在利益納入考慮範圍。我們預計 QTL 的營業利潤率將環比下降，這與反映第一季季節性趨勢相符。

In QCT, we anticipate MSM shipments of approximately 175 million to 195 million units during the June quarter and expect revenue per MSM to be up more than 10% sequentially. We expect QCT operating margin to improve sequentially and be in the range of 9% to 10% for the fiscal third quarter. These expectations reflect the benefit of a stronger chip road map on both performance and cost leadership across tiers, favorable product mix, growth in adjacent opportunities, and lower operating expenses.

在 QCT，我們預計 6 月季度 MSM 出貨量約為 1.75 億至 1.95 億單位，預計每 MSM 的營收將較上季成長超過 10%。我們預期QCT的營業利益率將較上季提高，第三財季的營業利益率將介於9%至10%之間。這些預期反映了更強大的晶片路線圖在各層級的性能和成本領先、有利的產品組合、相鄰領域的成長機會以及更低的營運費用方面所帶來的益處。

That concludes my comments. I will now turn the call back to Warren.

我的發言到此結束。現在我將把電話轉回給沃倫。

Thank you, George. Operator, we are ready for questions.

謝謝你，喬治。接線員，我們已準備好回答您的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Your first question comes from the line of James Faucette with Morgan Stanley. James, please make sure your line is not on mute.

你的第一個問題來自摩根士丹利的詹姆斯‧福塞特。詹姆斯，請確保你的線沒有靜音。

Hello? Can you hear me now?

你好？現在能聽到我說話嗎？

Yes, we can hear you James.

是的，我們能聽到你說話，詹姆斯。

Oh, okay. I'm sorry. I just had a couple of quick questions. First, I just want to clarify the comments around QTL and its potential licensing. Should we take from your comments that the risk of potentially falling outside of the -- or below the targeted range for this year have gone up, or are you just trying to clarify that? My second question is related and that is, as you continue to pursue licensing agreements with some of the larger Chinese OEMs with whom you don't have agreements, does it reach a stage, or when do we reach a stage, that you may have to start to pursue legal options through the courts there and what would that look like? Thanks.

哦好的。對不起。我還有幾個問題想問一下。首先，我想澄清一下關於 QTL 及其潛在許可的評論。我們是否可以從您的評論中得出結論：今年跌出目標範圍（或低於目標範圍）的風險已經增加，還是您只是想澄清這一點？我的第二個問題與之相關，那就是，當您繼續與一些您尚未與之達成協議的大型中國OEM廠商尋求許可協議時，是否會發展到某個階段，或者何時會發展到某個階段，以至於您可能需要開始透過當地法院尋求法律途徑，而這又會是什麼樣的情況呢？謝謝。

Great. Thanks, James. Yes, on the range of $7.3 billion to $8 billion, our point was the range was initially defined solely by the outcomes based on our market assumptions at the beginning of the year if we were able to -- if we weren't able to make much progress, we saw ourselves ending up at about $7.3 billion in QTL on the licensing agreements. If we made significant progress, that could take us to $8 billion. Obviously, the LG issue from last quarter created some confusion. We said that was really outside the range.

偉大的。謝謝你，詹姆斯。是的，73 億美元到 80 億美元的範圍內，我們的觀點是，這個範圍最初只是根據我們年初的市場假設所確定的結果——如果我們能夠取得多大進展，我們預計最終在許可協議方面獲得的 QTL 金額約為 73 億美元。如果我們取得重大進展，那可能會達到 80 億美元。顯然，上個季度的LG問題造成了一些混亂。我們說那真的超出了範圍。

Now that, that has been resolved, what we're saying is that the end market is softer than we had anticipated when we set the range up front, and that's pulled down the overall size of the market. So we would have to make up some of that in the form of some additional progress on the licensing agreements, and we feel that we're making progress there. It would be premature to say that we don't believe that we'll end up somewhere in between the $7.3 billion and $8 billion that we started with.

既然這個問題已經解決，我們想說的是，終端市場比我們最初設定價格區間時預期的要疲軟，這拉低了市場的整體規模。因此，我們需要在授權協議方面取得一些額外進展來彌補這部分不足，我們感覺我們在這方面正在取得進展。現在就斷言我們最終的金額不會介於我們最初設定的 73 億美元到 80 億美元之間還為時過早。

James, this is Derek. On your second question, right now we're really focused on trying to conclude the remaining agreements through a negotiation, if that's possible. I think as you've seen, and Steve mentioned and I mentioned in my comments, we've been continuing to conclude additional agreements over time. So if we get to the point where we don't believe that's possible through continued negotiation or the companies aren't negotiating in good faith, then we are certainly prepared to take the next step and force our rights.

詹姆斯，這位是德瑞克。關於你的第二個問題，目前我們正全力以赴，爭取透過談判達成剩餘的協議，如果可能的話。我認為正如你所看到的，也正如史蒂夫和我之前在評論中提到的，我們一直在不斷達成更多協議。因此，如果我們認為透過繼續談判無法實現這一目標，或者公司沒有誠意進行談判，那麼我們當然準備採取下一步行動，維護我們的權利。

With most of the companies it would really be more along the lines of an action to enforce their agreement that they have in place today. Like I said, we've been preparing for quite some time to do that if necessary but so far have felt like we're still making enough progress with the licensees. And I think the progress that you're seeing through the announcements is supportive of that, and so we're going to keep at it and see if we can get across the finish line without the need for litigation. But of course, that's always an option for us if we need it.

對於大多數公司而言，這實際上更像是一種強制執行現有協議的行動。正如我所說，我們已經為此準備了相當長一段時間，以備不時之需，但到目前為止，我們感覺與被授權者的合作仍然取得了足夠的進展。我認為從目前公佈的公告來看，所取得的進展也印證了這一點，所以我們將繼續努力，看看能否在無需訴訟的情況下達成最終目標。當然，如果需要的話，這始終是我們的一個選擇。

Your next question comes from the line of Tim Long with BMO Capital Markets.

你的下一個問題來自 BMO 資本市場的 Tim Long。

Thank you. Just two if I could. Steve, you mentioned chip margins and -- with regard to thoughts about second sourcing at large customers. Could you talk to us, just expand a little bit on that on timing, when you think you might be second sourced at most of your major customers. And on the cost side of it, does there need to be OpEx cuts if there is a second sourcing going on, or can you handle it without that?

謝謝。如果可以的話，就兩個吧。史蒂夫，你提到了晶片利潤率，以及——關於大客戶的第二供應商的想法。您能否跟我們談談，就時間安排方面再詳細解釋一下，您認為您的大多數主要客戶會在什麼情況下選擇第二供應商？從成本方面來看，如果採用第二供應商模式，是否需要削減營運支出，還是可以不採用這種模式來因應？

And then just one follow-up for Derek on the Chinese. Could you just clarify? There's a lot of announcements from these large players. Have they pretty much all just been adding three-mode to existing deals, or have any of those large ones announced been fully incremental, or again, has it just been three-mode additions? Thank you.

然後，德瑞克還有最後一個關於中國的問題要問。您能解釋一下嗎？這些大公司發布了許多公告。他們是不是基本上只是在現有協議中添加了三模式功能？還是說，宣布的那些大型協議中，有些是完全增量式的？或者，他們只是增加了三模式功能？謝謝。

Tim, this is Steve. On the second sourcing, I think the main point is that we have been assuming that in our plans for, really since the beginning of when we did our restructuring. Difficult for me to talk about timing related to that, but I think the point we wanted to communicate is that we are assuming for planning purposes that, that is the case and even with that, we are comfortable with our margin targets and our improving financials in the chip business in the second half.

提姆，我是史蒂夫。關於第二個採購來源，我認為關鍵在於，自從我們開始進行重組以來，我們的計劃中就一直假設了這一點。很難談論與此相關的具體時間安排，但我認為我們想要傳達的重點是，出於規劃目的，我們假設情況確實如此，即便如此，我們對下半年晶片業務的利潤率目標和財務狀況的改善仍然感到滿意。

Tim, on your second question, I would say, we've commented on this a couple of times and unfortunately there's still a little bit of confusion on the catch up picture. As we've said, most of the companies we've been negotiating with to try to conclude agreements on the non-three-mode part of the market had been continuing to report and pay under their agreements. And so when we sign them to the new NDRC terms, it doesn't -- that doesn't result in, in most cases, any significant catch up on the non-three-mode part of the market. As you noted, though, in many cases it will result in them starting to pay royalties and pay past royalties on three-mode devises that were previously not licensed.

提姆，關於你的第二個問題，我想說，我們已經就此評論過幾次了，但不幸的是，對於追趕進度的情況仍然存在一些困惑。正如我們所說，我們一直在與之談判，試圖就非三模市場部分達成協議的大多數公司，都一直在按照協議進行報告和付款。因此，當我們按照國家發展委員會的新條款與他們簽約時，在大多數情況下，這並不會——也不會導致非三模市場部分出現任何顯著的追趕。不過，正如您所指出的，在許多情況下，這將導致他們開始支付版稅，並支付以前未獲得許可的三模設備的過去版稅。

It's turned out so far that a number of the players have been the smaller players in the three-mode market and so the contributions from that haven't been significant. Or we've -- the way we've structured the deals and how the past royalties have been structured to be paid over time, those are things that will come into our P&L through, probably a period of time later in 2016 and maybe even into 2017. And so we are getting agreements for those to be paid, it's just that they are being probably spread over longer time than people anticipate. There are less than a handful of companies that we're in negotiations with that are larger players also on three-mode and non-three-mode that have not been reporting while they are negotiating and when we conclude those deals, you would expect to see more significant catch up payments for prior-period sales compared to the ones that we've signed to date.

到目前為止，許多參與者都是三模式市場的小玩家，因此他們所做出的貢獻並不顯著。或者說，我們——我們安排交易的方式以及過去版稅的支付方式，這些都將在 2016 年晚些時候，甚至可能到 2017 年計入我們的損益表。因此，我們正在就這些款項的支付達成協議，只是支付期限可能會比人們預期的要長。我們正在與少數幾家規模較大的公司進行談判，這些公司既有三模式的，也有非三模式的。這些公司在談判期間沒有提交報告。當我們完成這些交易時，預計會收到比我們迄今為止簽署的協議更豐厚的先前銷售追繳款項。

Your next question comes from the line of Simona Jankowski with Goldman Sachs.

你的下一個問題來自高盛的西蒙娜·揚科夫斯基。

Hi, thank you, very much. Can you clarify for the June quarter, what is the royalty rate that we should be thinking about? I understand the 2.9% is the longer-term number, but just in the near term given the LG and the China catch ups, how should we think about that for the June quarter?

您好，非常感謝。您能否澄清一下，6 月份季度的特許權使用費率應該是多少？我知道 2.9% 是長期數字，但就短期而言，考慮到 LG 和中國市場的追趕，我們應該如何看待 6 月的季度業績？

Simona, this is Derek. At this point we aren't going to guide quarter by quarter on the implied rate. As I spent a fair amount of time at the Analyst Day going through, there's so many factors that impacted and the timing of the number of these elements, some of which are in our guidance, some of which are not in our guidance because we haven't yet reached closure on it, can have an impact on the rate. We do feel, continue to feel, as I noted in my script, that for the year, for the full fiscal year, that we will be in the range of around the 2.9% that I spoke about at the Analyst Day. Still consistent with that, but you are going to continue to see fluctuations quarter over quarter as some of these disputes get resolved or catch up payments come in, that is going to move. So we're not going to be guiding one quarter out on that.

西蒙娜，這位是德瑞克。目前我們不打算逐季度對隱含利率進行指引。我在分析師日上花了相當多的時間了解情況，有很多因素會影響利率，而這些因素的數量和時間節點，其中一些因素在我們的指導意見中，一些因素不在我們的指導意見中，因為我們還沒有最終確定，都會對利率產生影響。正如我在演講稿中提到的那樣，我們仍然認為，就全年而言，就整個財政年度而言，我們的成長率將達到我在分析師日上提到的 2.9% 左右。雖然情況仍然與此一致，但隨著一些糾紛得到解決或補繳款項到賬，你會看到季度之間出現波動，這種情況會改變。所以，我們不會就此給出未來一個季度的業績指引。

Your next question comes from the line of Mike Walkley with Canaccord Genuity.

你的下一個問題來自 Canaccord Genuity 的 Mike Walkley。

Thanks. Switching over to QCT, to hit your 16% margin, can you walk us through revenue per MSM trends? Is the step up of 10%-plus going to continue to go higher based on mix shift? Also, if you could just talk about your momentum in China on the mid to high tier. How sustainable do you think that is over a multi-quarter period and what that might do to the revenue per MSM trends longer term? Thank you.

謝謝。切換到 QCT，為了達到 16% 的利潤率，您能為我們介紹每 MSM 的營收趨勢嗎？根據產品組合的變化，10%以上的漲幅是否會持續提高？另外，能否請您談談貴公司在中國中高端市場的發展動能？您認為這種模式在多個季度內可持續嗎？從長遠來看，這可能會對每百萬用戶收入趨勢產生什麼影響？謝謝。

Hey, Mike, it's George. Yes, we're seeing a lot of factors that support stronger revenue per MSM growth, not only in the third quarter, but also in the fourth quarter, including the lower thin modem. You've got very attractive mix shift between the low tier to the mid and high tier. All those things will play strongly in revenue per MSM, and we expect that to hold in the third and fourth quarters.

嘿，麥克，我是喬治。是的，我們看到很多因素支持每 MSM 收入的強勁增長，不僅在第三季度，而且在第四季度也是如此，包括價格更低的超薄調製解調器。你們的產品組合從低端到中端再到高端，呈現出非常吸引人的變化。所有這些因素都會對每百萬用戶收入產生重大影響，我們預計這種情況將在第三季和第四季保持下去。

Mike, this is Cristiano. I think to your question on China, I think if you'll remember in the last earnings call and during the Analyst Day, I think we talk about an interesting trend in China that what's very helpful is a transition of the market to the new version of LTE with carrier aggregation as well as [all mode]. I think we're starting to see the strategy materialize not only in this quarter but as we think about the coming quarters. This is driving also the mix improvement on the mid and the high tier. We see the mid and high and premium tier in China actually growing faster than the market. That helped drive the mix improvement for QCT. Thank you.

麥克，這位是克里斯蒂亞諾。關於你提出的中國市場問題，我想如果你還記得上次財報電話會議和分析師日活動，我們當時談到了中國市場一個有趣的趨勢，那就是市場向具有載波聚合和全模式的LTE新版本過渡，這對市場發展非常有幫助。我認為我們不僅在本季度，而且在展望未來幾個季度時，都開始看到這項策略逐步落實。這也推動了中高階產品組合的改進。我們看到，中國中高端和頂級市場的成長速度實際上超過了市場整體水準。這有助於推動 QCT 的產品組合改進。謝謝。

Your next question comes from the line of Rod Hall with JPMorgan.

你的下一個問題來自摩根大通的 Rod Hall。

Hi, guys, thanks for taking my question. I had two. One, I wanted to go back to this change in TRDS unit expectation for the calendar year versus the guidance range for QTL and just understand, is the reason that you're not changing the QTL guidance range because these puts and takes, you signed some deals but the market's a little bit weaker than you thought, you just end up at the same mid point? Can you give us more color around why those two things seem to differ from each other in terms of movement? And then the second thing I wanted to do, Derek, you mentioned in your commentary, I think, an ecosystem player and expectations for slower upgrade cycle there. Is most of that expectation happening later this year or are you seeing it happening now? Can you just clarify what your definition of ecosystem player? Is that a vendor or a particular region of the world? Just give us a little bit more clarity there, thanks.

大家好，感謝你們回答我的問題。我有兩個。第一，我想回到日曆年 TRDS 單位預期與 QTL 指導範圍的變化，並了解一下，你們不改變 QTL 指導範圍的原因是不是因為這些買賣交易，你們簽了一些協議，但市場比你們預想的要弱一些，所以最終還是維持在相同的中點？能否詳細解釋為什麼這兩者在運動方面看起來有所不同？然後，我想做的第二件事，德里克，正如你在評論中提到的，我認為，是一個生態系統參與者，並且預期升級週期會更慢。這些預期大多會在今年稍後實現，還是現在就已經實現了？能否具體說明一下您對生態系參與者的定義？那是指某個供應商還是世界上某個特定的地區？請您再詳細解釋一下，謝謝。

Rod, let me take the first one on -- so really what we're saying is if you look at the market for calendar 2016, and 2015 came in just slightly lower than what we expected for the year, we are seeing some softness in the premium tier, some kind of puts and takes, some other weakness in emerging regions but actually improvement in China. China continues to be quite strong and overall, also the ASP picture is looking good as well. We expected moderation in the ASP declines year over year and that seems to be, at least so far, tracking better than our assumption.

羅德，讓我來回答第一個問題——我們想說的是，如果你看一下 2016 年的市場，而 2015 年的業績略低於我們對這一年的預期，我們看到高端市場出現了一些疲軟，出現了一些買賣交易，新興地區也出現了一些疲軟，但中國市場實際上有所改善。中國市場依然強勁，整體而言，平均售價（ASP）情況也相當不錯。我們預期平均售價年減幅度會放緩，而目前看來，至少到目前為止，實際情況似乎比我們的預期要好。

We do feel like there is a -- the net-net of that is a bit weaker market for the fiscal year, but we gave a pretty wide range on QTL revenue for the year, just given all of the different elements in there. And we felt, with still some time left in the year, we do believe we can continue to make progress in China as we have been demonstrating over the last few months and so as George mentioned, just felt it was premature to adjust the range. We will need to make more progress relative to where we were before, just given the change in the market, but we still think the range is a reasonable range to hold for now.

我們確實感覺到本財年市場整體上有些疲軟，但考慮到其中的各種因素，我們對本年度的 QTL 收入給出了相當寬泛的預期。我們覺得，今年還有一段時間，我們相信我們能夠繼續在中國取得進展，就像我們在過去幾個月所展示的那樣，所以正如喬治提到的那樣，我們覺得現在調整範圍還為時過早。鑑於市場的變化，我們需要比以前取得更大的進展，但我們仍然認為目前這個區間是合理的。

On the second question, really I think what we're saying is we are seeing some continued softness in the premium tier. We saw that earlier and our projections were based on that. It's a little bit more softness, and I think that plays out, it has played out through some of the previous quarters already and will continue through the year.

關於第二個問題，我認為我們真正想表達的是，我們看到高端市場持續疲軟。我們之前就看到了這一點，我們的預測也是基於此。感覺稍微柔和了一些，我認為這種柔和感會體現出來，在前幾個季度已經有所體現，並且會持續到年底。

Your next question comes from the line of Blayne Curtis with Barclays.

你的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

Hey, guys, thanks for taking my question. It's two related questions. Just when you talked about that with the second sourcing that you had a good idea and had right sized the OpEx, the definition of a second source, would you have an idea of what percentage you'll get? The second part is as you look forward into next year, you've always been ahead on the modem, but here is a top-tier phone using someone else's. Can you just talk about the sustainability at the leading edge and talk about what percentage of the market actually uses the Cat 12 modem and whether that can increase over time? Thanks.

嘿，各位，謝謝你們回答我的問題。這是兩個相關的問題。就在你和第二個供應商討論過這個問題，認為你已經有了好主意，並且營運支出也控制得當之後，關於第二個供應商的定義，你是否知道你能獲得多少百分比的收益？第二部分是，展望明年，你一直領先於調變解調器，但這裡有一部頂級手機卻用的是別人的調變解調器。您能否談談尖端科技的可持續性，以及目前市場上實際使用 Cat 12 數據機的百分比是多少，以及這個百分比是否會隨著時間的推移而增加？謝謝。

Blayne, this is Steve. I'll take the first part and maybe Cristiano can jump in on the long-term question. I think we took an appropriate planning assumption, really, for sizing the OpEx. We wanted to make sure that when we implemented our realignment in terms of cost structure that we comprehended, I think, the proper range of outcomes. I think we feel quite strong, or quite good, about our modem road map and where it's going, but I think we're doing the appropriate thing from the perspective of planning our OpEx. And maybe Cristiano could add some of the product details of that.

布萊恩，我是史蒂夫。我來回答第一部分，也許克里斯蒂亞諾可以就長期問題發表一下看法。我認為我們在估算營運支出規模時，確實做出了一個恰當的規劃假設。我們希望確保在實施成本結構調整時，我們能夠理解並掌握適當的結果範圍。我認為我們對調製解調器路線圖及其發展方向感到非常有信心，或者說相當滿意，但我認為從規劃營運支出的角度來看，我們正在做正確的事情。或許克里斯蒂亞諾可以補充一些產品細節。

Hi, this is Cristiano. Look, I think important to understand, when we think about technology, not only in the modem space but even on the MSM, I think we continue to maintain at least two generations lead over the competition. But I think more importantly is some of the transitions and trends we are seeing in the market. I think one other thing is, more of the internet is becoming wireless and you see the 4G transition becoming more mature in developed markets. You see carriers now competing for premium customers, and the transition that we've been talking about LTE to carrier aggregation, that is actually going faster. I think you're starting to see gigabit LT modem that we demonstrated, and we will see from that one, the user from licensing spectrum with the global standard, I think, was mentioned by Steve [DALA] and maybe within the next two to three years, an accelerated timeline of deployment of 5g. As we continue to invest and we see those technologies transition to ahead of us, we feel very confident that the whole nature of the market was probably going to demand the latest to technology in the key devises. That's how we feel about the market and our modem business. Thank you.

大家好，我是克里斯蒂亞諾。我認為，當我們思考科技時，不僅在調變解調器領域，甚至在主流媒體領域，我認為我們仍然保持著至少兩代的領先優勢，這非常重要。但我認為更重要的是我們正在看到的市場的一些轉變和趨勢。我認為還有一點是，越來越多的網路正在無線化，在已開發市場，4G 過渡也日益成熟。現在營運商都在爭奪高端客戶，而我們一直在討論的從 LTE 到載波聚合的過渡，實際上進展得更快了。我認為你們已經開始看到我們展示的千兆 LT 調製解調器了，我們將從中看到，用戶可以通過全球標準獲得頻譜許可，我認為史蒂夫 [DALA] 也提到了這一點，也許在未來兩到三年內，5G 的部署時間表將會加快。隨著我們不斷投資，並且看到這些技術不斷向前發展，我們非常有信心，整個市場的性質可能會要求關鍵設備採用最新的技術。這就是我們對市場和數據機業務的看法。謝謝。

Your next question comes from the line of Kulbinder Garcha with Credit Suisse.

你的下一個問題來自 Kulbinder Garcha 與瑞士信貸的合作計畫。

Thanks. I just have a couple of questions, for Derek, first of all. At the analyst meeting, Derek, you laid out Chinese OEM revenue of $83 billion this year and you guys really weren't collecting on, I think, about 44% of that between what was unlicensed and what was basically underreported. I'm just -- given you've now got a hundred of these deals done and you've got some of the negotiations and you're doing your compliance program and auditing as well, should we think about, is the hard work by the end of this fiscal year done the -- that level that you aren't really collecting on today, you will at least address through deals and underreporting? Or is this like a -- is this a program, a situation that could roll all the way into 2017?

謝謝。首先，我有幾個問題想問德瑞克。德里克，在分析師會議上，你公佈了今年中國 OEM 收入為 830 億美元，但我認為你們實際上沒有收取其中約 44% 的稅款，包括未授權的收入和基本上少報的收入。我只是——鑑於你們現在已經完成了上百筆交易，也進行了一些談判，並且你們還在進行合規計劃和審計，我們是否應該考慮一下，到本財年結束時，那些你們目前還沒有真正徵收的稅款，你們至少會通過交易和少報來解決嗎？或者這就像——這是一個計劃，一種可能會持續到 2017 年的情況？

And then for Steve or for Cristiano, maybe, on the LTE modem part of the last comment that you made, I take the point, by the way, that there's carrier aggregation and everything else. It looks like you lost market share last year in the chip set industry on the wireless side. You probably -- it sounds that you are -- there's risk as we go through this year as well. I'm just wondering that -- does it take until actually 5g comes out and carrier aggregation wouldn't really drive home your competitive advantage? Or could market share for you at some point start inflecting, you should start gaining share of this industry again? Many thanks.

至於史蒂夫或克里斯蒂亞諾，也許，關於你上次提到的 LTE 調變解調器部分，我明白你的意思，順便說一句，就是載波聚合等等。看來去年你在無線晶片組產業的市佔率有所下降。你可能——聽起來確實如此——今年也存在風險。我只是在想——是不是要等到 5G 真正普及，載波聚合技術才能真正發揮你的競爭優勢？或者，你的市佔率是否會在某個時候開始出現轉機，讓你重新贏得這個產業的份額？非常感謝。

Kulbinder, this is Derek. On your first question, I think you got the numbers right. The chart that we showed at the Analyst Day was, again, for FY16, basically just in your revenue, no catch up from prior periods. And we said if we completed these remaining negotiations with, what, the handful of companies we have left, that would get us to about 75%-ish collection rate on the TRDS, but that we would continue to have compliance issues that we were going to need to work through. And that really is going to be something that we hope to make progress on and expect to make progress on as we move through 2016, but certainly will also be a longer term project. This is just -- there's a fair amount of work involved in it and it's going to take some time. I think the way to look at it is if we can achieve the results that we hope in the negotiations, we'll have a meaningful step function up on the collections, but to get to the remainder of that 25%-ish is going to take some time.

庫爾賓德，我是德瑞克。關於你的第一個問題，我認為你得到的數字是正確的。我們在分析師日上展示的圖表，同樣是針對 2016 財年的，基本上只包含你們的收入，沒有包含以前期間的收入。我們說，如果我們能與剩下的幾家公司完成這些剩餘的談判，TRDS 的收款率就能達到 75% 左右，但我們仍然會面臨一些合規問題，需要加以解決。我們希望並期待在 2016 年取得進展，但這確實是一個需要長期投入的計畫。這件事需要做很多工作，而且需要一些時間。我認為看待這個問題的方式是，如果我們能在談判中取得我們希望的結果，那麼稅收收入將會有顯著的增長，但要達到剩餘的 25% 左右的目標還需要一些時間。

This is Cristiano. I think maybe to address your question on share, I think it is important maybe to decompose that question in different segments. One, if you look on the premium tier, we have been -- there's been a number of announcements, we have been very confident in the Snapdragon 820. I think we made a lot of progress there. I think even if you look with one of the large customers, both the Samsung Galaxy S7 and S7 Edge that launched in the second fiscal quarter, have been using the Snapdragon 820, and I think we have about 117 designs. We feel good about that portfolio.

這是克里斯蒂亞諾。我認為，要回答你關於分享的問題，或許有必要將這個問題分解成不同的部分。第一，如果你看看高端市場，我們已經發布了一系列公告，我們對驍龍 820 非常有信心。我認為我們在那方面取得了很大進展。我認為即使以大客戶為例，三星 Galaxy S7 和 S7 Edge 在第二財季推出的產品都採用了驍龍 820，而我們大約有 117 種設計。我們對這個投資組合感到滿意。

And in China, if you'll look what will happen when China entered 4G, when we started the transition to 4G, we expected over time -- we started with very high share, we expected that to normalize over time, but what we've seen actually in this year, we're doing better than we expected in share in China. Also seeing the impact of those technologies changing the product mix from growth being higher from the low to the mid and high tier, showing that modem continues to be a good point of differentiation even in a growth market like a China.

在中國，如果你看看中國進入 4G 時代，當我們開始向 4G 過渡時會發生什麼，我們預計隨著時間的推移——我們一開始的份額非常高，我們預計隨著時間的推移會趨於正常化，但實際上我們今年看到的是，我們在中國市場份額的表現比我們預期的要好。此外，這些技術也改變了產品組合，從低端到中階和高端的成長更為顯著，這表明即使在中國這樣的成長型市場中，調變解調器仍然是一個很好的差異化優勢。

I think maybe to clarify this. I believe we have said early in the year as we went to the ASRP that we were planning so that we could derisk the market concentration in our planning assumptions. I think that's what we are saying. We're planning -- that we have conservative planning assumptions, but at the end of the day, we're still designing a very competitive product road map and we're seeing good traction to marketplace, not only on the modem but the MSM premium tier and the product portfolio that we have been commercializing in China. Thank you.

我覺得或許應該澄清一下。我相信我們在年初參加 ASRP 會議時就說過，我們正在進行規劃，以便降低規劃假設中市場集中度所帶來的風險。我想這就是我們想表達的意思。我們正在製定計劃——我們採取了保守的計劃假設，但最終，我們仍在設計一個極具競爭力的產品路線圖，並且我們看到了良好的市場反響，不僅在調製解調器方面，而且在MSM高級層級和我們在中國商業化的產品組合方面也是如此。謝謝。

Your text question comes from the line of Tim Arcuri with Cowen & Company.

您的文字問題來自 Cowen & Company 的 Tim Arcuri。

Thanks. I had two. First of all, question for all of you. Do you worry that we're talking about share loss at the premium tier and there's some consensus sort of as to who you're going to lose that to on the chip side and of course, they make their own chips. So do you worry that, that becomes a competitive disadvantage over time, having access to world-class manufacturing that your foundry partners just frankly aren't able to keep up?

謝謝。我有兩個。首先，我想問大家一個問題。你是否擔心我們正在討論高端市場的份額損失？而且在晶片方面，對於你會把這些份額輸給誰，似乎已經有一些共識了，當然，他們自己也生產晶片。所以您是否擔心，隨著時間的推移，擁有世界一流的製造能力，而您的代工廠合作夥伴卻無法跟上，這會成為一種競爭劣勢？

Tim, this is Steve. I think a couple things. One is just to reiterate that from the purpose of when we plan OpEx and our margin trajectories, we do assume that something will happen, but we're quite confident in our road map. Now, right now our products that we are competing against are really not manufactured by -- it's not a vertical play in terms of who we're going after. And then specifically, when you look at our foundry partners, they -- we're very happy with what we're seeing from a transistor road map out in time, actually from multiple sources. We feel not only can we compete in the modem tier and the connectivity tiers, but even more importantly, in computing and even computing going into a very high performance computing, we have the transistors to be able to make that successful.

提姆，我是史蒂夫。我覺得有兩點。首先要重申的是，在製定營運支出計畫和利潤率軌跡時，我們確實假設會發生一些事情，但我們對我們的路線圖相當有信心。現在，我們目前所競爭的產品實際上並不是由…製造的——就我們瞄準的目標而言，這不是垂直整合的競爭。具體來說，當我們審視我們的代工廠合作夥伴時，我們對從多個管道獲得的晶體管路線圖的進展感到非常滿意。我們不僅認為我們能夠在調製解調器層級和連接層級上參與競爭，更重要的是，在運算領域，甚至是在高效能運算領域，我們擁有能夠取得成功的電晶體。

So I think we feel very confident both in the transistor road map that we're seeing from our suppliers, and also with the business model, that we will be in a strong position. I think also our scale within the fabless industry is actually helping us a lot in terms of pricing, I think that's one of the things you're seeing the benefit of in terms of some of the margin improvement that you're seeing embedded in the business in the second half and even delivered out here in the second quarter.

因此，我認為我們對供應商提供的電晶體發展路線圖以及商業模式都非常有信心，相信我們將處於有利地位。我認為我們在無晶圓廠行業的規模實際上對我們定價有很大的幫助，我認為這就是你在下半年業務中看到的利潤率提升，甚至在第二季度實現的利潤率提升的原因之一。

Your next question comes from the line of Stacy Rasgon with Bernstein Research.

你的下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

Hi, guys. Thanks for taking my questions. I have two. The first one on the QTL licensing guide, I've got to be honest, I still don't understand why you're guiding like you're guiding. If I understand what you're saying, you need to get more collection now, but if your trends of collection, the range of collection right now was the same today as it was when you first gave the guidance, what would the guidance range be? What are we talking about here?

嗨，大家好。謝謝您回答我的問題。我有兩個。關於 QTL 許可指南的第一點，說實話，我仍然不明白你們為什麼要這樣指導。如果我理解正確的話，你現在需要增加收藏量，但是如果你目前的收藏趨勢和收藏範圍與你最初給出指導時相同，那麼指導範圍會是多少？我們現在在討論什麼？

Secondly, it seems to me like you are implicitly guiding your QTL margins, your operating margins, into the mid [70%s] for the next quarter which is low, lower than seasonal. I know you said you had some increase in legal and litigation costs which I assume is what's driving that. So are these compliance related, or is there something else going on the legal litigation front that's taking the QTL operating margins down next quarter?

其次，在我看來，你們似乎在暗中引導下一季的 QTL 利潤率（即營業利潤率）達到 70% 左右，這低於季節性水平。我知道您說過您的法律和訴訟費用增加，我猜這就是造成這種情況的原因。那麼，這些是合規性問題，還是法律訴訟方面還有其他事情導致 QTL 下個季度的營業利潤率下降？

Stacy, this is Derek. If you look at the Q3 guide, our view has been that we're not going to include end guidance in quarter deals unless we have clear line of sight to those and they are essentially either done or close to done. And so we've been taking a more conservative approach maybe than we had in the past and we've been doing that for a couple of quarters now. I think as you see, the guide in Q3 is consistent with that. I think really if step back and look, the difference may be just in terms of the assumptions in timing. If I look at some of the other models out there in terms of what lands in Q3 versus Q4, we've, because of the way we're guiding, that would essentially mean that more is in Q4 versus Q3 as you look at the profile for the year, assuming we are able to conclude those remaining deals, so that may be part of it. On the margin question, I just think you're -- I'm not sure how you got to your number. That's not consistent with what we are modeling in the business.

史黛西，這位是德瑞克。如果你看一下第三季業績指引，我們的觀點是，除非我們對某些交易有清晰的了解，而這些交易基本上已經完成或接近完成，否則我們不會將季度末業績指引納入季度交易中。因此，我們採取了比以往更加保守的做法，而且這種做法已經持續了幾個季度。我認為正如你所看到的，第三季的指南與此是一致的。我覺得，如果退後一步仔細看看，差別可能只是對時間的假設。如果我看看其他一些模型，比較一下第三季度和第四季度的業績，由於我們目前的業績指引，從全年來看，第四季度的業績實際上會比第三季度多，前提是我們能夠完成剩餘的交易，所以這可能是部分原因。關於利潤率的問題，我只是覺得你──我不確定你是怎麼得出這個數字的。這與我們公司所採用的模式不符。

Yes, I would just -- I would add that, that would be well below our assumption for QTL in any of the remaining quarters. And I think what we've seen on some of these licensing arrangements, they can be large and lumpy and trying to forecast what is inherently in negotiation process proved over a number of quarters to be something that either one was hard to do or two, created unnecessary negotiating leverage. And so I think we'll stick with this process, but we have said for the full year in the $7.3 billion to $8 billion that we'll have to conclude some activity on the licensing front to get back within that range because of the softness in the market. Thanks.

是的，我只想補充一點，這遠低於我們對剩餘季度 QTL 的假設。我認為，我們從一些授權協議中看到的情況是，它們可能規模龐大且雜亂無章，試圖預測談判過程中固有的情況，經過幾個季度的實踐證明，要么很難做到，要么會造成不必要的談判籌碼。所以我認為我們會堅持這個流程，但我們已經說過，由於市場疲軟，我們需要在授權方面完成一些活動，才能使全年收入回到 73 億美元至 80 億美元的範圍內。謝謝。

Your next question comes from the line of Tal Liani with Banc of America Merrill Lynch.

你的下一個問題來自美國銀行美林證券的 Tal Liani。

Hi, guys. I wanted to understand two things, first the contribution of LG this quarter. When you guided the quarter, I think that LG was not in, and I'm trying to understand how much of the strength this quarter is related to the addition of LG versus your previous expectations and how much is the underlying market. And then second, this is a broader question. You're down, your QTN is down 11.6% year over year and I know there was a catch up payment last year. But if I look at the -- if I look at -- So why are we seeing -- we don't see much higher contribution of China just on a like-for-like basis. Again, the TRDS between the two quarters is down 7.5% but your revenues are down 11.6%, so you're down more than the TRDS. That shouldn't happen given that China is sticking in this year. I'm just trying to understand the dynamics of China contribution and why isn't it a much stronger pace or much stronger revenue levels than we are seeing right now? Thanks.

嗨，大家好。我想了解兩件事，首先是LG本季的貢獻。當您發布季度業績指引時，我認為 LG 並未納入其中。我正在努力了解本季業績的強勁成長有多少是由於 LG 的加入（與您之前的預期相比），又有多少是由於市場本身的強勁表現。其次，這是一個更廣泛的問題。你的QTN值下降了11.6%，年減了11.6%，而且我知道去年還有一筆補繳款項。但是，如果我看一下——如果我看一下——那麼為什麼我們看到——我們並沒有看到中國在同等條件下貢獻更高。同樣，兩個季度之間的 TRDS 下降了 7.5%，但您的收入下降了 11.6%，因此您的降幅超過了 TRDS 的降幅。鑑於中國今年堅持參賽，這種情況不應該發生。我只是想了解中國貢獻的動態，以及為什麼它的成長速度或收入水準沒有比我們目前看到的更高？謝謝。

Tal, just to be clear, the LG settlement happened in our third quarter, so it is not in the second-quarter numbers. It will be a roughly a $200 million. We said that it's a couple hundred -- or $100 million, roughly $100 million a quarter for the first two quarters that will be catch up that's embedded in our guidance and then we'll be back to a run rate with LG, but that's all in Q3. Really, the Q2 item that we talked about was the fact that you had the ALU agreement, which added approximately $250 million, and then we had seen the discontinuation of a licensing amortization of about $100 million in that quarter. Derek, did you want to comment?

Tal，需要說明的是，LG的結算是在我們的第三季完成的，所以沒有計入第二季的財務數據。大約需要2億美元。我們說過，前兩個季度每季大約需要彌補幾億美元——或者說 1 億美元，這已經納入了我們的預期，然後我們將與 LG 恢復到正常水平，但這都得等到第三季了。實際上，我們討論的第二季度項目是 ALU 協議，該協議增加了約 2.5 億美元的收入，然後我們看到該季度停止了約 1 億美元的授權攤銷。德瑞克，你想發表什麼評論嗎？

Yes, I think just to add to what George -- I think really what we said about LG was it's, in the quarters we've talked about, it's been more than $100 million per quarter, so as George said, that's not in Q2. That will be reflected in Q3, both the in-quarter activity for Q3 as well as two quarters, two prior quarters of catch up. In terms of trying to do the walk between last year Q2 to this year Q2, George hit on some of that. Obviously we've got a one-time event in Q2 this quarter with the acceleration of the license fee that came in, the $266 million-ish payment, but then being offset by the fact that LG revenues are deferred. They're not in the quarter. And then we also have the end of this $100-ish million a quarter amortization that's reflected in this quarter. Plus, as you mentioned, a year ago we had some catch up payments, about $150 million from the resolution of a prior dispute.

是的，我想補充喬治的觀點——我認為我們之前談到LG時說的是，在我們討論過的幾個季度裡，它的每個季度都超過了1億美元，所以正如喬治所說，第二季度的情況並非如此。這將反映在第三季度，包括第三季度的季度活動以及前兩個季度的追趕活動。就試圖從去年第二季到今年第二季這段時間走得更遠而言，喬治提到了一些問題。顯然，本季度第二季度出現了一次性事件，即許可證費的加速到賬，約 2.66 億美元的付款，但 LG 的收入被遞延抵消了。他們不在這個區。此外，本季也反映了每季約 1 億美元的攤銷款項的結束。另外，正如您所提到的，一年前我們還有一些補發款項，大約 1.5 億美元，用於解決先前的糾紛。

In the China contribution, China was reflected pretty strongly in a year-ago quarter, meaning that was the last quarter that was reported to us before the NDRC resolution. The effect of that took hold in January of 2015. And so one of the other issues you're dealing with a year-over-year comparison is you've got application of the NDRC terms now this quarter that wasn't a factor a year ago, as well as, we saw the amount of units that are being underreported accelerate throughout the year last year. In particular related to these negotiations where licensees stopped paying, and that was not really a primary driver in a year-ago quarter. I think that's the walk is probably best we can break it out.

在中國的貢獻中，中國在去年同期的數據表現得相當突出，這意味著那是國家發改委決議通過前我們收到的最後一個季度報告。這項影響在 2015 年 1 月開始顯現。因此，您在進行同比比較時面臨的另一個問題是，本季國家發展委員會的條款已經生效，而一年前這還不是一個因素。此外，我們看到去年全年少報的單位數量都在加速成長。特別是與這些談判有關，被授權人停止支付費用，而這在去年同期並不是主要驅動因素。我認為散步可能是我們能想到的最好的方式了。

Your next question comes from the line of Tavis McCourt with Raymond James.

你的下一個問題來自 Tavis McCourt 與 Raymond James 的合作系列。

Hey, guys. Thanks for taking my question. A couple of them here. First on the MSM guidance, unit guidance for next quarter, so if I look at that on a year-over-year basis, it's down high teens, and obviously you're gaining some share at a major customer. I assume all of that cannot be related to unit weakness at the other major customer and yet everything I hear so far is China's good, China's good. Help me with that disconnect. What's driving that unit growth in light of some share gains at one of your -- or unit decline year over year in light of some share gains at one of your larger customers? And then secondly, to help me get to the 16% operating margin guidance for June, should we expect a more material change in the R&D or SG&A line item as we go from Q3 to Q4 than we've seen earlier this year? Thanks.

嘿，夥計們。謝謝您回答我的問題。這裡有幾個。首先是 MSM 的業績指引，也就是下一季的銷售指引。如果我從同比來看，銷量下降了十幾個百分點，但顯然你們在一個主要客戶那裡獲得了一些市場份額。我假設這一切都與另一大客戶的部門實力不足無關，然而到目前為止，我聽到的都是中國好，中國好。幫我解決這個連線問題。是什麼因素導致銷售成長（考慮到您在某個大客戶那裡獲得了一些市場份額）或銷量同比下降（考慮到您在某個大客戶那裡獲得了一些市場份額）？其次，為了幫助我實現 6 月 16% 的營業利潤率預期，我們是否應該預期從第三季到第四季度，研發或銷售、管理及行政費用項目會出現比今年稍早更大的實質變化？謝謝。

Sure. On the MSMs, as you look at year over year, there's definitely a significant delta from one major customer that is contributing. And what you're seeing in China is a shift in low entry to mid and high and so it's one of the reasons why you're seeing strong pickup in revenue per MSM in the quarter. It's a story more of mix shift and it's pretty neutral outside of that. So at the low-tier units, there tend to be more of those low-tier units that were trading off but we're picking up a significant amount of mid-high. In terms of OpEx, we expect OpEx to continue to decrease into the fourth quarter, but I think some of the comparison that you may be doing would be looking at R&D period over period, but in one period we didn't have the CSR OpEx and the other period we do. So just make sure you're doing an apples-to-apples comparison, because we've already seen a fair amount of the reduction already in the base level of OpEx.

當然。從 MSM 的角度來看，逐年比較，肯定有一個主要客戶的貢獻帶來了顯著的差異。而你在中國看到的是低端市場向中高端市場的轉變，這也是本季每百萬用戶營收強勁成長的原因之一。這更多的是一個關於混合變化的故事，除此之外，它相當中立。所以，低端單位的數量往往更多，而那些低端單位則在進行交易，但我們正在大量收購中高端單位。就營運支出而言，我們預計營運支出將在第四季度繼續下降，但我認為你們可能正在進行的一些比較是比較研發支出與以往各時期的支出，但在一個時期我們沒有企業社會責任運營支出，而在另一個時期我們有。所以一定要確保進行的是同類比較，因為我們已經看到營運支出基礎水準已經大幅降低了。

Your next question comes from the line of David Wong with Wells Fargo.

你的下一個問題來自富國銀行的 David Wong。

Thanks very much. A clarification; the LG resolution of the dispute, did it actually end up in any of the terms of the payments from LG changing? If so, are there any adjustments to prior periods that you've already recognized payments from LG?

非常感謝。澄清一下：LG 對這場糾紛的解決方式，最終是否真的改變了 LG 的付款條款？如果是這樣，對於您之前已確認收到的 LG 付款，是否有任何調整？

This is Derek. No, there are not any -- the deal will not result in any modifications or changes to revenue that was previously recorded by the Company. And as we said, really the results of this will be reflected in Q3. They're not in Q2.

這是德里克。不，沒有任何影響——該交易不會導致公司先前記錄的收入發生任何修改或變化。正如我們所說，這方面的成果將在第三季得到體現。他們不在第二季。

Your next question comes from the line of CJ Muse with Evercore.

你的下一個問題來自 CJ Muse 與 Evercore 的合作系列。

Yes, good afternoon. Thank you for taking my question. Two questions. First, on OpEx, your fiscal year guide implies OpEx down 7% in September. Curious if that's right and what we should think about going into the December quarter. And then secondly, with the nice uplift to ASPs for MSM in the June quarter, curious how we should think about that heading into the back half of the calendar year as you layer in both the high-end as well as mid-level handsets. Thank you.

是的，下午好。感謝您回答我的問題。兩個問題。首先，關於營運支出，你們的財年指南顯示，9 月的營運支出將下降 7%。想知道這是否正確，以及我們應該如何看待即將到來的12月季度。其次，鑑於 6 月 MSM 的平均售價大幅提升，我們很好奇在進入下半年時，我們應該如何看待高階和中階手機市場。謝謝。

Yes, what we said for the full year on OpEx, if you just look at the reported numbers, will be down 2% to 4%, but we have about a 5% impact from acquisitions, so it would be down in the range of 7% to 9% year over year. And as I said, we would continue to expect some cost reduction continuing through the back half of the year just on some of the actions that have taken place. In terms of revenue per MSM, as I said earlier, I think the dynamics that are driving the significant pickup that we are seeing in Q3 remain in place for Q4, very good mix, strong demand for our premium tier. Again, shift from low tier into the mid and high tier and then some softness, certainly comparatively year over year, on thin modem volumes, which tend to depress revenues per MSM.

是的，我們先前預測的全年營運支出，如果只看公佈的數字，將下降 2% 到 4%，但收購會產生大約 5% 的影響，因此同比下降幅度將在 7% 到 9% 之間。正如我所說，我們預計在今年下半年，採取一些措施，成本將繼續降低。就每百萬用戶收入而言，正如我之前所說，我認為推動我們在第三季度看到的顯著增長的動力在第四季度仍然存在，非常好的產品組合，對我們高端產品的需求強勁。再次從低端市場轉向中高端市場，然後薄型調變解調器的銷售出現一些疲軟，這肯定會降低每台MSM的收入。

Your next question comes from the line of Edward Snyder with Charter Equity Research.

你的下一個問題來自 Charter Equity Research 的 Edward Snyder。

Thanks. Steve, you said that the forecast for QCT margins include expectations for second source as your largest customers. Are we to imply from that statement that the mere mention of, it means that it will be material in either units or margins, or do you see it more as a headline risk? Along the same lines, since we are talking about Intel, it is true that every modem they've shipped so far has been fab to TSMC, but does your calculus on competition or market share change if they move that modem into their own process or does it have no bearing at all on your outlook? Thanks.

謝謝。史蒂夫，你說過，QCT利潤率的預測包含了對第二供應商作為你最大客戶的預期。我們是否可以從這句話中推斷，僅僅提到它就意味著它在銷售或利潤方面會有重大影響，還是您認為它更多的是一種新聞風險？同樣地，既然我們談到了英特爾，那麼他們迄今為止出貨的每一款調變解調器都是由台積電代工的，這是事實。但是，如果他們將調製解調器的生產轉移到自己的流程中，你對競爭或市場份額的計算會改變嗎？或者這根本不會影響你的看法？謝謝。

Ed, I think on the second question, it really doesn't bear much to it. The modem business is all about feature leadership and RF and it's really about technology breadth and technology complexity. It tends to be less about dye size and those things, and first to market, first to market with complexity tends to be the thing that leads the most. I think on your first question, it's really a communication of a planning assumption and also confidence in us meeting our long-term trajectory both in this year and outside of this year with that assumption. I think that it's important to make sure people understand that. We do feel very confident, though, in our position in the modem segment.

艾德，我覺得第二個問題其實跟這件事關係不大。調變解調器業務的核心在於功能領先和射頻技術，它真正關注的是技術的廣度和技術複雜性。染料尺寸之類的因素往往較不重要，而率先將複雜產品推向市場往往才是勝利的關鍵。我認為對於你的第一個問題，這實際上是在溝通一個規劃假設，以及基於該假設，我們對實現今年乃至未來長期發展軌蹟的信心。我認為確保人們理解這一點很重要。不過，我們對自己在數據機領域的地位非常有信心。

Your next question comes from the line of Kevin Cassidy with Stifel.

你的下一個問題來自凱文·卡西迪與史蒂費爾的合作系列。

Hello, this is Dean Grumlose calling in for Kevin. Thank you very much for taking my question. I've seen numerous announcements of infrastructure and ecosystem progress with ARM-based server effort. Can you provide any additional color of your progress and ARM-based service at this time and when we might possibly see products or initial revenues?

你好，我是迪恩‧格魯姆洛斯，替凱文打電話。非常感謝您回答我的問題。我看到了很多關於基於 ARM 的伺服器基礎架構和生態系統進展的公告。您能否提供更多關於您目前進展和基於 ARM 的服務的信息，以及我們何時可能看到產品或獲得初步收入？

Kevin, this is Derek. We went into some detail on the server opportunity that we're pursuing a couple months ago at the Analyst Day. We feel very good about the opportunity there. Not only is it a big and growing opportunity, but we feel like we're very well positioned to be successful in going after it. We're looking -- we have some -- a development platform out that's in customers' hands today and we're getting feedback on that and that's going quite well. In terms of commercial product, we're -- basically, our assumption is that we will be shipping samples towards the end of the year and revenue would be something that would flow through mid to late next year.

凱文，這位是德瑞克。幾個月前的分析師日上，我們詳細討論了我們正在尋求的伺服器機會。我們對那裡的機會感到非常樂觀。這不僅是一個巨大且不斷增長的機遇，而且我們感覺我們已經做好了充分的準備去爭取它並取得成功。我們正在開發——我們已經有一些——一個開發平台，目前已經交付到客戶手中，我們正在收集回饋意見，進展相當順利。就商業產品而言，我們——基本上，我們的假設是，我們將在今年年底前發貨樣品，而收入將在明年年中到下半年開始產生。

Thank you. That concludes today's question-and-answer session. Mr. Mollenkopf, do you have anything further to add before adjourning the call?

謝謝。今天的問答環節到此結束。莫倫科夫先生，在休會之前，您還有什麼要補充的嗎？

Yes, thank you. I want to thank everyone for attending the call today. We had a stronger than expected quarter and are executing well on our plans to position the Company for the next phase of profitable growth. We've continued to make good progress on the licensing side in China and this remains a key focus area for the Company. We are also seeing positive impact of new product releases in QCT along with the efficiency gains from our realignment program. In closing, I want to thank our employees for their hard work and commitment as we move forward to capture the many exciting opportunities ahead. Thank you.

是的，謝謝。感謝各位今天參加電話會議。本季業績超出預期，我們正按計畫順利推進，為公司下一階段的獲利成長做好準備。我們在中國的授權許可方面持續取得良好進展，這仍然是公司的重點領域。我們也看到新產品發布對品質控制產生了積極影響，同時重組計劃也提高了效率。最後，我要感謝我們的員工，感謝他們的辛勤工作和奉獻精神，讓我們能夠繼續前進，抓住未來眾多令人興奮的機會。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。